USD/MYR Technical Analysis

The Dollar remains undecided against Ringgit this Wednesday and is now trading at 4.1480. The Consumer Confidence data for the US Dollar came in higher than expected (113.8 real against 108.3 forecast). The New Home Sales data for the US Dollar also came in higher than expected (800k real vs 760 forecast). This shows that the US economy is recovering quickly. But even so, these data were not enough to cheer the Dollar against the Ringgit. The sentiment of indecision remains as the market is awaiting GDP data for the US, which will be released on Thursday. This could give the Dollar a good direction in the coming days. From a technical point of view, the USDMYR is sitting on resistance area and if the price manages to break above 4.1700, it could rise to 4.2400 in a few days.